Refinancing Your Home Loan with a Sunshine Coast Mortgage Broker
Refinance Your Home Loan
Home loans and interest rates have changed significantly in the past two years. If you haven’t had your home loan assessed recently, speak with Shawn McAnnaely, your expert Sunshine Coast mortgage broker to explore your options.
Why Refinance Home Loan?
Great question! Submit your details to discuss refinancing your home loan with an experienced Sunshine Coast mortgage broker
Is Refinancing a Home Loan Now a Good Idea?
The decision to refinance your home loan is not an easy one, but it can save you a lot of money over the term of your loan. If you’re currently paying a high-interest rate or you’re about to come out of a low fixed interest rate, refinancing your home loan can save you a considerable amount on weekly repayments.
Before shopping for a new home loan, talk to your current lender and negotiate a lower interest rate. This conversation will hopefully lower your current repayment but will also provide you with a reference interest rate to explore other lenders and their cashback offers.
When is the Right Time to Refinance?
Refinancing your home loan can be a smart financial move that saves you money on weekly repayments and over the term of your loan. You can refinance at any time, so check with your lender to see if they can help with this. But, these are the money-saving signs that let you know it might be time to consider refinancing:
- Your current lender’s interest rate is no longer competitive. Your interest rate is higher than everyone else’s.
- The Reserve Bank is increasing the interest rates. Time to find the most competitive lender on the market.
- Debt consolidation is going to make your life and finances easier by reducing repayments and interest rates.
Benefits of Refinancing Home Loan
Lower Interest Rates
Refinancing your home loan allows you to switch to a lower interest rate and save money on your monthly repayments.
Find a Better Loan
Finding a better loan isn't just about the lowest interest rate. Refinance to find the best loan to suit your situation.
Save money and reduce financial and personal stress by consolidating your debts into one loan.
Cashback Refinance Offers
You could be eligible for up to $5,000 cashback when you refinance your home loan. (*Conditions Apply)
* IMPORTANT NOTE: All refinance cashback offers expire. Each lender will have specific requirements to qualify for a cashback offer. Get in touch so that we can help you with the fine print.
Frequently Asked Questions on Home Loan Refinance
Cashback offers are exactly as they sound, a lender will offer new customers a cashback offer usually ranging from $1,500 to $5,000 who are eligible and take out products. Cashback offers are often deposited into a nominated bank account. Some lenders may also offer incentives such as waived fees or gift cards for specific stores or brands to sign-up new customers.
The amount of money you can save by refinancing a home loan depends on several factors, including your current interest rate, the new interest rate you can secure, the remaining term of your existing loan, and any fees or charges associated with the refinancing process.
In general, if you can obtain a lower interest rate and keep the remaining term of your loan the same or shorter, you could potentially save a significant amount of money on your monthly mortgage payments and over the life of your loan. It’s always a good idea to use an online refinancing calculator or speak with a financial advisor to determine the potential savings based on your specific situation.
Essentially, refinancing a home loan involves shopping around for a new mortgage from either your current lender or a different one, in order to pay off an existing loan. Refinancing is a great idea and may allow you to find a loan with better terms such as lower interest rates, combine debt that you have, or perhaps access the equity in your home for home renovations, a new car or travel.
- Check your credit score and make sure it’s in good standing.
- Research and compare offers from different lenders to find the best deal.
- Gather all the necessary financial documents, such as your pay slips, tax returns, and bank statements.
- Apply for the new loan and provide all the required documentation.
- Your lender will review your application and determine if you’re eligible for the new loan.
- If approved, you’ll need to sign the new loan agreement and complete any required paperwork.
- Your new lender will then pay off your old loan and you’ll start making payments on the new loan according to its terms.
It’s important to note that refinancing may come with fees and closing costs, so be sure to factor those into your decision. Additionally, refinancing may not be the best option for everyone, so it’s always a good idea to consult with a financial advisor or mortgage professional to determine if it’s the right choice for your specific situation.
In Australia, the expenses associated with refinancing a home loan can differ depending on the lender, the loan amount, and the existing interest rates. These expenses may comprise, but are not restricted to:
- Discharge fees from your current lender
- Early exit fees from your current lender
- Application fees from the new lender
- Settlement fees from the new lender
- Valuation fees from the new lender
- Government mortgage discharge fees
- Lender’s Mortgage Insurance premium, if your equity is below 20%.